It's well known that anyone over whose head the shadow of
the Huma passes is fortunate and of lofty destiny. And for the wave of wine
to pass over the head means for intoxication to ascend into the mind. And
to be as if drowned in wine means to be drowned in intoxication. A second
aspect also emerges-- that we would pass out of our heads, that is be rendered
totally helpless; even then, the wave of wine is not less than the Huma's
wing. (44-45)

The meaning is that even after rendering one unconscious,
the intoxication of wine has the authority of the wing of the Huma. It's well
known that anyone on whom the Huma's shadow falls becomes a king. (88)

Even if wine-drinking passes beyond the limit, it's equal
to kingship. In the sense that a king is free and careless; in the same way
the one who passes beyond rakishness becomes free of the prison of thought
and anxiety. Even if he drinks until he dies, even then it's his good fortune,
because to die in an extremity of pleasure is better than to live without
enjoyment. (112)

If the Huma's wing passes over your head, and its shadow
falls on you, you are destined to become a king. This famous motif from Persian
story tradition forms an elegant basis for the verse's wordplay. Even when
the wave of wine passes over your head, it still has the magic potency of
the Huma's wing.

As Bekhud Mohani points out, the possibility of death by
drowning is very clearly evoked. If the wave of wine 'passes over your head',
you are (metaphorically) deeply intoxicated, or (literally) drowning, as the
word 'drowned, submerged' [;Garqah] in the first line
confirms. To drown in wine is better, it seems, then to live in abstemiousness.
The drowned drinker will become a king-- but in what sense, and in what realm?

Moreover, he might not quite drown: sar
se guzarnaa can mean to pass through or pass beyond the head. The wave
might wash over him and then move on-- leaving him, so to speak, high and
dry, though never regretful. As so often, the verse leaves us to decide all
these nuances for ourselves.